BH: Today, I heard Rush Limbaugh make the most direct comment
about this historic effervescent market than I have ever heard
previously. While a master of political talk, Rush comes across
as a babe in the woods vis a vis the stock market, freely admits
his lack of market savvy, and has never, in my hearing, predicted
the path of the bull or the awakening of the bear.
However, he commands an audience of at least 21 millions; thus,
his public statements carry enormous weight. Today, he joked
that the shoe-shine man at the ABC studios was heard to be
pontificating about the raging bull. Rush laughingly referred
to the famed story of elder Joe Kennedy* who, one day in 1929,
reportedly overheard the shoe-shine boy dispensing stock market
advice. According to Rush, Joe Kennedy promptly walked to the
NY Stock Exchange, sold everything, and went short.
*Market historians: Was it Bootlegger Joe or Bernie Baruch or..? |
